Soon a range breakout, but look for a confirmation in volume.
Seemingly a diamond bottom.
Bullish bias as long as price breaks up pattern on volume.
We had an unconfirmed falling wedge ( breakout on no volume ).
We still have a slight bullish divergence on RSI, unconfirmed on MACD.
Watch for the breakout, BUT remember to look for confirmation in volume.
Mind the support ( blue ) and resistance ( red ).
Bullish bias as long as price breaks up pattern on volume.
We had an unconfirmed falling wedge ( breakout on no volume ).
We still have a slight bullish divergence on RSI, unconfirmed on MACD.
Watch for the breakout, BUT remember to look for confirmation in volume.
Mind the support ( blue ) and resistance ( red ).
Comment:
Let me add the diamond lower right half may theoretically expand to reach support without breaking the pattern. This may eventually delay the breakout.
Comment:
Breakout with confirmation in volume, already up 100$.
Now let's take a look at daily chart:
As you see on higher timeframe, such as this, volume is still not impressive.
Currently price is finding resistance in the middle of the Bollinger Bands.
More volume is needed to overcome this area.
Succeeding in that it's likely a test of the upper BB in the 4000$ area.
Otherwise i'd say short term consolidation above support.
Now let's take a look at daily chart:
As you see on higher timeframe, such as this, volume is still not impressive.
Currently price is finding resistance in the middle of the Bollinger Bands.
More volume is needed to overcome this area.
Succeeding in that it's likely a test of the upper BB in the 4000$ area.
Otherwise i'd say short term consolidation above support.
Comment:
So it failed to break out. Not enough volume.
We had a few days of consolidation upon the ( marginally adjusted ) support.
So what now ?
It's quite tricky, because price is basically on the verge of breaking out a giant falling wedge, BUT shows no actual strength / volume so far. That's not a good sign, as it may prelude to a rejection.
I hope that's not the case. If so look out for a test of 3250-3300$ area, which is a key zone ( support + weekly SMA200 ).
We'll see.
We had a few days of consolidation upon the ( marginally adjusted ) support.
So what now ?
It's quite tricky, because price is basically on the verge of breaking out a giant falling wedge, BUT shows no actual strength / volume so far. That's not a good sign, as it may prelude to a rejection.
I hope that's not the case. If so look out for a test of 3250-3300$ area, which is a key zone ( support + weekly SMA200 ).
We'll see.